Compensation and Benefits-LO5-Compensation Survey

Compensation Survey Compensation & Benefits (abbreviated “C&B”) is a sub-discipline of Human-Resources, focused on employee compensation and benefits policy making. It is also known in the UK as ‘Total Reward” and as “Remuneration” in Australia and New Zealand. The area of compensation And Benefits belongs to the most specialized areas in Human Resources Management. Compensation…

Compensation And Benefits-LO4-Total Rewards Program

What is Included in a Total Rewards Package? The package typically contains elements of compensation, benefits, work-life benefits, performance recognition and career pathing opportunities. Following are general suggestions of what can be considered when putting together a total rewards package 1. COMPENSATION: In general, most employees regardless of title or role within the organization have an…

Compensation & Benefits-LO2-Definitions

Definitions •Salary  A fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker •Wage  A fixed regular payment earned for work or services, typically paid on a daily or weekly basis. A wage is monetary compensation (or remuneration, personnel…

PIP, Performance management, Performance improvement Plan

Performance Management-LO 7. Performance Improvement Plan (PIP)

Learning Objective  Performance Improvement Plan (PIP) Introduction  A performance improvement plan (PIP), also known as a performance action plan, is a gateway to give struggling associate the opportunity to succeed while still holding them accountable for past performance Objective of Performance Improvement Plan is to give an opportunity to associate to perform their roles &…

Performance Management-LO 6. Outcomes of Performance Appraisal

Learning Objective 6 Outcomes of Performance Appraisal  Introduction  Performance Appraisal is intended to know the Performance of individuals, Teams and of Organisation at large. It provides the Performance gaps, Productivity gaps and Training needs. It allows to strategize and plan for the next appraisal period.  Typically, we can see 3 outcomes from Performance Appraisals.  1.…

Performance Management-LO 2. Goal Setting Process

Learning Objective 2 Goal Setting Process Introduction  “What you can’t measure, cannot be improved” Measurement always happens against some benchmark. That Benchmark can be called as “Goal”. The performance of an employee will be measured against that benchmark (Goal).  Goal setting is much more than simply saying you want something to happen. Unless you clearly…